Financial Performance - Revenue for FY2018 reached HK$9,410 million, representing a 23% increase from HK$7,651 million in FY2017[10] - Gross profit for FY2018 was HK$1,365 million, up 12% from HK$1,216 million in FY2017[10] - Profit before taxation increased by 15% to HK$929 million in FY2018, compared to HK$811 million in FY2017[10] - Earnings per share rose to 5.665 HK cents, a 16% increase from 4.865 HK cents in FY2017[10] - The Group recorded sales and distribution of natural gas income of HK$8,476 million, a 25% increase from HK$6,774 million in 2017, accounting for 90% of total revenue[47] - Total gas sales and transmission volume grew by 15% to 4,695 million cubic meters, up from 4,076 million cubic meters in 2017[47] - The Group's profit for the year was HK$678 million, reflecting a 9% increase from HK$623 million in 2017[81] - Profit attributable to the owners of the Company grew by 13% to HK$282 million in 2018[81] - Revenue from the sales and distribution of natural gas segment increased by 25% to HK$8,476 million, constituting 90% of total revenue[81] - Revenue related to gas pipeline construction and connection business amounted to HK$517 million, accounting for approximately 5% of total revenue[81] Natural Gas Operations - The average daily production of crude oil equivalent in Alberta, Canada, was 5,383 barrels in 2018, with proved reserves of approximately 24.8 million barrels[19] - The natural gas sales volume for FY2018 was 4,000 million cubic meters, reflecting the Group's strong market presence[9] - Domestic consumption of natural gas in China reached 280.3 billion cubic meters in 2018, marking an 18% year-on-year growth[37] - The Group's proven oil and gas reserves amounted to approximately 24.8 million barrels of oil equivalent, with controlled reserves at about 39 million barrels of oil equivalent as of December 31, 2018[28] - The Group is actively promoting the construction of key branch pipelines to enhance market presence and optimize asset structure[37] - The Group's natural gas sales volume in provinces with sales exceeding 1 billion cubic meters reached 1 billion cubic meters in FY2018[25] - The Group has established 39 CNG stations, 10 LNG stations, and 6 L/CNG stations across China to enhance natural gas supply for transportation[16] - The total length of branch pipelines completed by the Group reached 1,087 km across several provinces in China, facilitating stable natural gas transmission revenue[17] - The Group operates two LNG plants in Qinghai Province, ensuring a smooth supply of natural gas year-round[15] Asset and Financial Position - Total assets increased by 3% to HK$16,028 million in 2018, while total liabilities rose to HK$10,116 million, resulting in a debt-to-asset ratio of 41%, up from 37% in 2017[87] - Total indebtedness as of December 31, 2018, was HK$6,549 million, up from HK$5,719 million in 2017, with total available credit facilities amounting to HK$4,563 million and a utilization rate of 33%[86] - Cash and cash equivalents, along with time deposits with maturities over three months, totaled approximately HK$2,667 million as of December 31, 2018, compared to HK$2,339 million in 2017[87] - The Group employed 3,595 full-time employees at the end of 2018, with total staff costs amounting to HK$384 million, an increase from HK$333 million in 2017[94] Shareholder Information - The proposed distribution to shareholders is HK cent 0.40 per share, amounting to approximately HK$23,356,000, an increase from HK$20,390,000 in 2017[96] - The proposed final dividend for 2019 is HK$0.40 per share, an increase from HK$0.35 in 2017, amounting to approximately HK$23,356,000 compared to HK$20,390,000 in the previous year[140] - As of December 31, 2018, the issued share capital of the Company was approximately HK$58,391,238, divided into 5,839,123,834 shares with a nominal value of HK$0.01 each[96] - The register of members will be closed from May 23 to May 29, 2019, for determining shareholder eligibility to attend and vote at the AGM[141] Risk Management - The Group faces natural gas price control risk, as city-gate prices are determined by local pricing bureaus, which may affect profitability[117] - Foreign exchange risk exists due to the Group's major transactions being conducted in Renminbi, with most assets and liabilities denominated in Renminbi and Canadian dollars[118] - Liquidity risk is monitored by maintaining an adequate level of cash and cash equivalents to finance operations[120] - Operational risk management is guided by standard operating procedures and regular assessments of key operational exposures[122] Corporate Governance - The Company adopted the code provisions set out in the CG Code as its own code of corporate governance[196] - The Company was in compliance with relevant code provisions of the CG Code except for certain deviations explained in the report[196] - The Audit Committee comprises three independent non-executive Directors and has reviewed the unaudited interim financial statements for the year ended 31 December 2018[189] - A resolution will be submitted to the 2019 AGM to re-appoint PricewaterhouseCoopers as auditor of the Company[190] - Independent non-executive Directors are subject to retirement by rotation at least once every three years[198] Environmental and Social Responsibility - The Group is subject to stricter environmental regulations and is planning to implement environmentally friendly measures[128] - The environmental, social, and governance report for the year ended 31 December 2018 will be published within three months after the annual report[129] - The Company has complied with relevant laws and regulations, with no material breaches reported during the year[132]
中油燃气(00603) - 2018 - 年度财报